Mutual Fund Ownership Drops

The number of U.S. households owning mutual funds fell for the first time in 15 years in the 12 months ended in May, amid the longest stock decline since the Great Depression.

About 54.2 million households, or 50% of those in the U.S., owned mutual funds in May 2002, according to the Investment Company Institute, the industry's trade group. That's 3.7% less than a year earlier.

The number of households owning funds doubled in less than 10 years from 25.8 million, or 27% of the country, in 1992.